Stocks Ended Higher despite Trade War Escalation

U.S. stocks ended higher on Wednesday as investors turned their focus towards earnings and away from a trade conflict between the United States and China. The Dow Jones Industrial Average rose 230.94 points, or 0.96%, to 24,264.30. The S&P 500 gained 30.24 points, or 1.16%, to 2,644.69. The Nasdaq Composite added 100.83 points, or 1.45%, to 7,042.11.

Oil ended slightly lower Wednesday, dented by fears of an escalating trade battle between the U.S. and China. West Texas Intermediate futures for May delivery lost 14 cents, or 0.2%, to settle at $63.37 a barrel. Brent crude for June delivery shed 10 cents, or 0.2%, to close at $68.02 a barrel.

Investors pulled a “remarkable” $40 billion from U.S. equity market funds in the closing weeks of March, a new survey from the Institute of International Finance found. The organization said trade tensions, increased deficit spending by the United States and higher U.S. interest rates from the Federal Reserve may all have been factors in a swing in sentiment that caused investors to pull funds out of the market.

Facebook Inc. (FB) said that it believes as many as 87 million people had their information improperly shared with Cambridge Analytica. The company will restrict the access that apps have to certain information shared via the Facebook’s events, groups, and pages APIs, as well as approve future API access.

Amazon.com Inc. (AMZN) said Wednesday it will create more than 1,000 new jobs in Nevada, as it plans to open a new fulfillment center in North Las Vegas.